Financing Infrastructure in Developing Countries: Lessons from the Railway Age
AbstractThis paper considers the role of infrastructure investment in the economic development of the regions of overseas European settlement in the 19th century. Its premise is that the pattern of investment in general, and the roles of public intervention and external finance in particular, were consequences of the structure of financial markets in countries in the early stages of economic development. Government intervention, external finance and debt-servicing difficulties were correlates of the financial-market imperfections that gave rise to informational asymmetries, moral hazard and adverse selection, while government policies to overcome asymmetric information encouraged management to engage in bankruptcy for profit. The tradeoff between credit rationing and bankruptcy for profit is at the heart of the paper.
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Bibliographic InfoArticle provided by World Bank Group in its journal World Bank Research Observer.
Volume (Year): 10 (1995)
Issue (Month): 1 (February)
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Other versions of this item:
- Barry Eichengreen., 1994. "Financing Infrastructure in Developing Countries: Lessons from the Railway Age," Economics Working Papers 94-230, University of California at Berkeley.
- Eichengreen, Barry, 1994. "Financing infrastructure in developing countries : lessons from the Railway Age," Policy Research Working Paper Series 1379, The World Bank.
- Eichengreen, Barry, 1994. "Financing Infrastructure in Developing Countries: Lessons from the Railway Age," Department of Economics, Working Paper Series qt39z8346j, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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